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Author Topic: Will you use a Facebook coin?  (Read 435 times)
posi
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June 20, 2019, 09:25:41 PM
 #21

My attitude is - no way!!

I don't use Facebook, and I don't like their lack of privacy and security. They seem to be talking about pegging the coin to a bunch of fiat currencies, and that is another big disincentive for me. I suspect we will start to see some government or banking based cryptos, and I'll probably end up using a couple of those alongside Bitcoin.

Firstly, the coin is no longer name facebook coin for a group of payment institutions, technology, marketplace, telecommunications etc have come together to create the coin which is now called Libra.
The way I see the whole things they are trying to make a fool of people because the statement writing in their white paper seems not to be straight forward because it was stated that the coin is decentralized while section 4 of the white paper was no the act of decentralization.
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The rules for allocating interest on the reserve will be set in advance and will be overseen by the Libra Association.
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June 20, 2019, 09:47:01 PM
 #22

My attitude is - no way!!

I don't use Facebook, and I don't like their lack of privacy and security. They seem to be talking about pegging the coin to a bunch of fiat currencies, and that is another big disincentive for me. I suspect we will start to see some government or banking based cryptos, and I'll probably end up using a couple of those alongside Bitcoin.

Firstly, the coin is no longer name facebook coin for a group of payment institutions, technology, marketplace, telecommunications etc have come together to create the coin which is now called Libra.
The way I see the whole things they are trying to make a fool of people because the statement writing in their white paper seems not to be straight forward because it was stated that the coin is decentralized while section 4 of the white paper was no the act of decentralization.
Quote
The rules for allocating interest on the reserve will be set in advance and will be overseen by the Libra Association.

Seems like it's just another big company trying to use the "blockchain" and "cryptocurrency" label for its own purposes, even by not being any of this.
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June 22, 2019, 09:36:10 AM
 #23

My attitude is - no way!!

I don't use Facebook, and I don't like their lack of privacy and security. They seem to be talking about pegging the coin to a bunch of fiat currencies, and that is another big disincentive for me. I suspect we will start to see some government or banking based cryptos, and I'll probably end up using a couple of those alongside Bitcoin.

But it does not matter, whether you use it or not. Peeps like you and other people joined the blockchain initiative because they found it liberating and free from control of any central authority. But the common man which comprises of the vast population just doesn't care about what the principles or the guiding motive was behind the Bitcoin.

All the care about is the monetary and financial ease that a system built on the similar ideas can provide to them. Facebook has the numbers with it and it can easily change the landscape of P2P payments and remittance markets. It already has close to 2 billion users and can easily build the Libra system on top of its Whatsapp and Facebook network. It would have taken Bitcoin some 20-30 years to reach the numbers which Facebook will in a matter of months. Sad but true.
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June 23, 2019, 06:38:38 AM
 #24


Firstly, the coin is no longer name facebook coin for a group of payment institutions, technology, marketplace, telecommunications etc have come together to create the coin which is now called Libra.

I gather they have hit some trademark issues with the name.
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June 30, 2019, 08:12:28 PM
 #25

Does not look like a coin as we know them. I think that Facebook is simply creating an electronic means of transfer with and averaged monetary unit similar to an SDR of the IMF.

This is a bold move from Facebook that is just steping onto the Insurance, Banking, Transference, Direct Sales and even on the monopoly of governments to create money. I won´t use it if I can avoid it, but being honest, this is a "world takeover" by Zucky and some other Bilderberg´s friends. Once this becomes big enough, they will have a government above all governments, and I am not overstating anything.
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July 02, 2019, 08:02:27 PM
 #26

Personally, at the moment I cannot understand why there is so much noise around the libra, I can say with confidence that Zuckerberg will not be able to make another breakthrough, this is a completely different area. Libra does not reveal something new, it has no virtues.
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July 04, 2019, 06:40:34 PM
 #27

I don't think I will use a Facebook coin but I will own 1 or 2 just for a part of history.
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July 05, 2019, 08:18:00 AM
 #28

I dont expect anyone who has been fully involved one way or the other about crypto and its concept of Freedom would want to be much thrilled with Facebook's proposition. Even without the coming of coin, a lot of people are even pissed off about Facebook's amount of control based on the information and access it has and this has not been void of controversy at one point or the other. For me, I would want to take a look of it for understanding but not thrilled to use it except it becomes absolutely necessary but I think we are still a long way from that happening...
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July 08, 2019, 11:19:35 PM
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 #29

Does not look like a coin as we know them. I think that Facebook is simply creating an electronic means of transfer with and averaged monetary unit similar to an SDR of the IMF.

This is a bold move from Facebook that is just steping onto the Insurance, Banking, Transference, Direct Sales and even on the monopoly of governments to create money. I won´t use it if I can avoid it, but being honest, this is a "world takeover" by Zucky and some other Bilderberg´s friends. Once this becomes big enough, they will have a government above all governments, and I am not overstating anything.

My guess is that Facebook will abandon this whole thing eventually.  Once they fully realize the amount of regulation they are up against:  license in every state, different licenses and requirements per country, reporting requirements for all countries, etc. etc.  Banking is the most heavily regulated thing that Facebook can try to do.  Jumping into this much regulation is not their style.  But on the other hand if they can make enough money selling everyone's spending habit information to the highest bidder it may be worth the pain.  They have to be able to gather and sell enough private information on their victims "customers" to make it worth dealing with all those regulations.
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July 09, 2019, 01:48:49 AM
 #30

I don`t use facebook, so I doubt I`ll use facebook coin. Mark this post, Elon Musk to join Libra with Tesla before launch.
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July 09, 2019, 08:58:49 AM
 #31

I think FaceBux will be a goer. What a great chance to make a "stable" coin, and the price can be guaranteed by the purchase of a chunk of the Deutsche Bank derivatives portfolio. I can't see the bankers turning down such a great opportunity.
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July 09, 2019, 12:13:01 PM
 #32

Jumping into this much regulation is not their style.

Exactly - their style is to move quickly into unlegislated space and then define their activities there as the new normal, before governments and regulatory authorities have even noticed what is happening.

But on the other hand if they can make enough money selling everyone's spending habit information to the highest bidder it may be worth the pain.  They have to be able to gather and sell enough private information on their victims "customers" to make it worth dealing with all those regulations.

This is it - the core of Facebook's business model is and always has been user data. As per Facebook's standard approach, they euphemistically call this 'data exhaust', as if it's a wasteful and entirely inadvertent by-product and messy pollutant that good kind morally-upright Facebook will sell for profit clean up for us. They are very good at linguistic sleight-of-hand. Nowadays though people are starting to call this practice out for what it is: surveillance capitalism.

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July 09, 2019, 04:40:50 PM
 #33

For the practical use I have found according Libra's White Paper, I rather keep using bitcoin... maybe only in the crazy scenario that my mother needs me to send money and specifically ask for a transfer trough facebook or something, which is very unlikely.

It is funny how in the WP states:

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The world truly needs a reliable digital currency and infrastructure that together can deliver on the promise of “the internet of money.”

It's almost like Mark never heard about Bitcoin.
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July 11, 2019, 02:12:58 PM
 #34

I do not use Facebook, I do not like centralized systems, I am not active in any of their social networks.
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July 14, 2019, 10:25:07 AM
 #35

My attitude is - no way!!

I don't use Facebook, and I don't like their lack of privacy and security. They seem to be talking about pegging the coin to a bunch of fiat currencies, and that is another big disincentive for me. I suspect we will start to see some government or banking based cryptos, and I'll probably end up using a couple of those alongside Bitcoin.

Facebook coin will be like other centralized coins that has been rise in this field of business industry.
I might join if they have project campaign, and hold em but I'm not sure if I'm gonna use it usage. But, there is
high chance that I won't use it all. Because I still like decentralized not the centralized one like Facebook coin.
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July 14, 2019, 11:11:08 AM
 #36

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Will you use a Facebook coin?
No. Because I don't see the reason.
Have you read this article?

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July 15, 2019, 04:47:58 AM
 #37

I will say NO too. A no for me not because I hate FB or whatsoever but because bitcoin was existing already so what's the essence of switching to a coin with almost the same features but riskier at the same time (e.g. privacy issues). Besides, I only prefer to use Facebook for social media purposes, nothing more nothing less, and I think it will stay that way Cheesy.
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